In the first nine months, exports continue to grow at high rates, but significantly lower than import growth

In the first nine months of this year, as shown by the preliminary results of Croatia’s trade exchange with foreign countries from the State Bureau of Statistics, the value of Croatian exports reached 17.6 billion euros, which is 34 percent higher than in the same period last year. Imports, at the same time, increased overall by 51 percent and amounted to almost 31 billion euros.

Particularly high import growth was recorded in August, when it jumped by 71.6 percent compared to the same month last year. The value of imports in that month was 3.85 billion euros, and it remained at that level in September. Despite the high growth of exports this year, Croatia recorded a foreign trade deficit of over 13 billion euros in the first nine months, which is about five billion euros more than in the first nine months of last year.

According to more precise data from the State Bureau of Statistics relating to the first eight months of this year, the most dynamic changes in Croatia’s trade exchange with the world are occurring in the energy sector. The largest import growth, over 700 percent, was recorded from the USA during this period, from where liquefied gas is arriving. The value of imports from that country in the first eight months exceeded two billion euros, while exports from Croatia to the USA simultaneously decreased by 17 percent, to just below 350 million euros. Last year, it should be noted, the USA was one of those markets for Croatia where a surplus was achieved. In the first eight months of last year, the value of Croatian exports to the USA was 421 million euros, while imports from it were only 257 million euros.

Close to two billion euros in the first eight months was also the value of imports of refined petroleum products (growth of 217 percent), while exports in that segment simultaneously increased by 86.3 percent, to 1.07 billion euros. Last year, in the same period, the values of exports and imports of petroleum derivatives were quite balanced, with a difference of only 36 million euros in favor of imports.

In the mining and extraction sector, exports increased by 64 percent, to 943 million euros, while imports jumped to almost 3.5 billion euros (growth of 204 percent). Thus, the ratio between exports and imports, which was approximately one to two last year, has come to one to 3.5 this year.

Among the very few areas that recorded faster export growth than imports in the first eight months is the agriculture, forestry, and fishing sector. Exports in that sector increased by 51 percent, to 888 million euros, while imports grew by 34 percent, to 687 million euros.